Economy of Greece

Equity prices tumbled at 11 a.m. on Friday on the Athens Stock Exchange (ASE) following the news that Greece would not be making its IMF debt repayment. The basic share price index fell 3.14 percent at 800.99 points and turnover at 10.85 million euros.

The Greek bourse reacted with disappointment on Thursday after investors? hopes for a deal between Athens and its creditors, which spurred a mini-rally on Wednesday, once again failed to materialize, with some of the traders reaping capital gains.

Greek manufacturing activity shrank for the ninth straight month in May, with declining export orders and production leading firms to cut jobs, a survey showed on Tuesday.

By Max Julius

The risk of Greece missing a debt payment is driving away even some of the most faithful advocates of its debt.

JPMorgan Chase & Co. was for most of this year a champion of Greece?s long-dated government bonds, even as a flare-up in the country?s debt crisis once again raised the prospect of default and euro exit.

The last session of the Greek bourse for this month contained May gains to just 0.30 percent as various statements by eurozone and IMF officials confirmed that the market will have to wait for at least a few more days before a deal is reached with the Greek government.

Greek authorities say 12 Russian tourists have been injured in a lightning strike at the archaeological site of Knossos, on the southern island of Crete.

By Vangelis Mandravelis

OTE telecom is planning to hire a few hundred employees, though the exact number will depend on the take-up rate of two voluntary exit programs is has announced and the specialization of the workers who sign up for the deal.

Expectations that the long and arduous negotiations between the Greek government and the country?s creditors may be nearing completion sent Greek stocks soaring on Wednesday, with the market?s benchmark finally passing 850 points and trading volume getting close to 100 million euros.

Greek betting firm OPAP reported an 18 percent rise in its first-quarter net profit on Tuesday, helped by the launch of new games and cost controls.

 State has cut almost 1.5 bln euros of primary spending in the first four months of the year, data show

By Prokopis Hatzinikolaou